Cantera Consultants & Advisors has just released its 2011 value survey for NM Commercial Real Estate. The survey reflects the collective wisdom of industry professionals in NM.
Although Cantera uses the survey primarily for the benefit of it’s during property tax protest hearings, the survey has become staple in the commercial real estate market and is widely used and quoted by many of the brokerage, appraisal firms and county assessors in NM.
The most interesting trend reported in this year’s survey is the indication that most of the commercial property types have turned the corner on decreasing values as CAP rates have started to decrease (slightly).
Tomorrow’s edition of the Business Outlook in the Albuquerque Journal will highlight information from the report.
As someone who has covered, spoken and taught courses on social networking, I can tell you this the fastest evolving part of the internet today. Facebook membership is rumored to be over 750 million people, or 20% of all of the business people on the internet today.
During the last few years I have seen mildly ineffective to downright disastrous uses of social networking, and the successful uses are fewer and far between.
Today I would like to focus on one of that success by focusing on a local Facebook group page that grew its membership from 30 to 15,000 and experienced over 40,000 posts in one weeks time.
The group Remember when in Albuquerque… had a simple concept – encourage local Albuquerque’s to share their memories of by gone places, people, and events.
The original idea came from Laura Reynolds, a Realtor in Las Cruces, who came across a Facebook group that allowed people who grew up in Ft. Worth to share memories. Laura suggested to her husband that he start a group about Albuquerque.
Steve started the group, Remember when in Albuquerque and quickly had 30 members. As those members started to tell their friends, and started posting their Albuquerque, memories, growth started to accumulate exponentially, and Steve requested a handful of us help administer (myself included).
I kept track twice a day of the growth of the group:
While the occasional commercial does popup on the group and there has been some sniping about deleted posts, the group has continued to grow as more people share their memories about Albuquerque.
Although many people know that four generations of my family has lived and worked in Albuquerque, many don’t know that I am an Albuquerque history buff and have a large collection of old photos, postcards and books. What better venue to share these? As I shared, others chimed in, and my “friends” counter increased by another 15% or so. (No, I don’t know all of them, but if they love Albuquerque history as much as I do, why would I tell them no?)
The group has received recent coverage from the local to TV new on KRQE as
For now, I would say long term trend. Although Facebook doesn’t share average time spent on any one group, a common expression from group members is how much fun they’ve had strolling down memory lane, and how much of their day has flown by.
Even after growth in the group stabilized at 15,000 (or so members), the media coverage has exposed the group to new people who are asking to join, creating that ever increasing spiral of increasing exposure, which is truly any marketers dream.
Version 1 of the app takes the Bernalillo county resolved cases from 2010 and applies it to your property to help you determine what your value could have been. Because 2010 is a revaluation year, hopefully these values will go down. Version 2 of the app, which is awaiting approval of will automatically lookup your info from the county website and compare it to the potential value.
If you need some light reading, how about our 320 page textbook?
Now in its 5th edition, the text walks you through the property tax process including calculating your bill, determining if you should protest, and provides case studies of formal hearings and claim of refunds. Available in PDF format for $39 or printed for $49 at http://www.canteraconsultants.com/books
Property Tax Class – is on May 19th, 2011
This NMREC approved course is good for 8 CE credit hours and includes the above mentioned app and textbook and provides hands on training on how to handle your protest and covers our everything you need to “understand NM’s Property Tax System” – course registration for the 5/19/2011 course can be made at – http://www.canteraconsultants.com/registration
Finally, if that all sounds like a lot of work, you can hire our firm to represent you. We will analyze your property for free, and we charge you a small percentage of the savings only in the first year we obtain a reduction. Over the last 22 years, we’ve won 97% of our cases, representing over a billion dollars of commercial real estate with an average reduction of 23%. We charge 1/3 of what we save the client (i.e if we reduce their property tax bill by $10,000 then we charge $3,333) and we pay a 25% referral fee (on what we collect) to licensed agents, property managers or Realtors. If they choose to waive the referral fee, we can reduce our fee to 25% of the savings, and let the client know why they received a special discount.
If you have a property tax problem, look to us to be your solution.
Bob: what do you have for us today Todd
Todd: Good morning Bob! It’s hard to believe the holidays are already upon us and before you know it the end of the year will be here. As that time approaches, many of our customers wonder what 2011 will hold for the real estate industry and whether NM’s real estate market will lead, follow or diverge from national trends.
Bob: Todd, do you have a forecasting resource to help answer these question?
Todd: We sure do Bob, our firm has followed a publication called “the Emerging Trends in Real Estate” which is published by the Urban Land Institute and Price/Waterhouse/Coopers. For 32 years the authors of this publication have called upon the leading experts in the real estate industry to ask them what they see in their business in the coming year. This report provides an outlook on U.S. investment and development trends, real estate finance and capital markets, with a focus on key property sectors. The report draws on formal and informal surveys of real estate executives, investors, developers, and market experts around the U.S., including survey responses from over 500 real estate executives and personal interviews with over 125 industry leaders.
Bob: Sounds very comprehensive Todd, where can our listeners get a copy?
Todd: Bob there are two ways to get a copy – you can join the Urban Land Institute at www.uli.org, OR, you can attend their “Outlook NM” event to be held on the evening of December 9th, 2010
Bob: Can you tell me a bit more about this event?
Todd: I sure can – the national speaker is Chuck DiRocco from Price/Waterhouse/Cooper and he will be followed by our local panelists, Steve Maestas at Maestas Ward who will talk about retail, John Ranson of Grubb & Ellis who will address Office and Industrial, Jim Folkman of the HomeBuilders of Central NM who will discuss the single family residential market, and I will be covering the apartment industry.
Bob: Sounds like a full event – how can our listeners participate?
Todd: The cost of the event, which includes the publication is $60 – to RSVP – call the local Urban Land Institute office 505-269-7695 or call me anytime at 440-TODD.